First Citizens Bank

[DwnTwnRaleighGuy]

One of the many things that I don't understand about this bank and it's top exec's is why are there top representatives on most major downtown Raleigh rejuvenation boards? Maybe in some way they feel bad for tearing down there old building and are trying to make amends?

[Subway Scoundrel]

One of the many things that I don't understand about this bank and it's top exec's is why are there top representatives on most major downtown Raleigh rejuvenation boards?

[vitaviatic]

Even having been gone from Raleigh for 25 years, I can offer up a little history on FCB and their antics.

First Citizens is the financial and political stick of the Holding family, an ultraconservative outfit with ultraconservative politics, that sees not only its preferred customer base among conservatives in North Raleigh, but its political base as well. As most of you know, there is a socio-demographic wall around Raleigh, more perceived than real in my opinion, roughly outlined by the Beltline. Inside the Beltline, old money moderates and liberals, singles, minorities, alt-lifestyles, and other components of what they probably consider the Great Unwashed; and outside it, the conservative legions trying to preserve the nuclear family and its monocultural regimens at all costs. The Holdings, I can comfortably say, probably could not give a *bleep* about downtown Raleigh, except in those cases where they can make a buck off of it. To promote DTR for them would be to promote those unsavory things such as urbanism, which brings those foul influences of culture and counterculture in their wake, and also the influences of really big banks and finance companies who take interest in such grandiose projects as the highrises and transit-oriented projects that many of you crave and feel that DTR is justified in having. I can assure you that FCB is interested in making money, but not so much in spending it to do so. They are rated a "B" by TheStreet.com, which is pretty good in this climate, but not that impressive when you consider that they never stuck their necks out to better their city in the least.

I would agree with a few of you and basically cheerfully wave bye-bye to them, then lock the door before it hits them in the ass. The shame of it all was that they were able to take out two or three landmarks before they left, without so much as leaving a box of chocolates. If you want a big reason that Raleigh in general, is so bland and so politically strapped to a gurney, take a look at the Holding brothers and their cohorts. This city crap does not appeal to them. They like their plantation just fine. If the Canucks who actually believe in your city (RBC Centura) can hang on through this banking debacle, I'd rip the political keys to the city out of the hands of the Holdings post haste, and give their bigwigs the chair positions on all the fru-fru boards. Then, maybe then, you might get something going.

[dmccall]

So I guess their taking risks on backing projects, small businesses, restaurants, etc around the area was in vain? I guess we'd be better off with a bank like Wachovia? The point is, banks' roles in communities goes a lot deeper than just their own physical plants. I'm not saying that Snow Holding isn't a bitter, angry, strange man, but First Citizens deserves better than this treatment (even from people who think that anything old is better than anything new).

[orulz]

I think we're mostly saying that FCB has done nothing good for downtown, and in fact participated in the decimation of its stock of historical buildings more than most, primarily by tearing down two large, older buildings that - had they survived - would be a large and important part of downtown to this day.

I'm certain that RBC would have still chosen to relocate to Raleigh even if the FCB lot had not been available. There are plenty of other high-profile sites around downtown for a bank's headquarters. RBC could have been part of The Edison, for example. Or Site 1 / Charter Square.

I'm certainly glad to have FCB as a locally headquartered bank, especially since it kept its hands out of the subprime market. But they did a lot of damage to downtown, albeit in a different era.

[ChiefJoJo]

I wasn't necessarily limiting my comment to just downtown. They do employ lots of people here, which is good... but my sense is that they are not a very active partner in the community for a bank with it's HQ here for decades. FCB is no BofA, but you just never hear or see their name much at all... community events, sponsorships, financing of capital projects, etc. I can't prove it, but in just a few years, RBC feels like much more of a partner in the community than FCB ever was.